Estimate of future salary levels

Assignment Help Accounting Basics
Reference no: EM13134860

At December 31, 2008, Mongo, Inc. reported in its balance sheet a net loss of $3 million related to its pension plan. The actuary for Mongo at the end of 2009 increased her estimate of future salary levels. Mongo's entry to record the effect of this change will include ?

Reference no: EM13134860

Questions Cloud

Evaluate whether the population is fairly stated : Assume a total book value of $230,000 for the 100 accounts selected for testing. You uncover three overstatements totaling $1,500 in the sample. Evaluate whether the population is fairly stated.
Congruency of figures : Out of class activities that I could employ to make students aware of congruent objects could be: How does running and playing soccer make students aware of congruent objects?
Which important factor has chad excluded from his analysis : Chad has calculated the sales volume at which his lemonade stand’s costs equal revenue. Which important factor has Chad excluded from his analysis?
What tax issues should andree consider in her decision : Andree is about to graduate college with a management degree. She has been offered a job as a sales representative for a pharmaceutical company. The job will require significant travel and entertainment expenses for which she will be given a salar..
Estimate of future salary levels : At December 31, 2008, Mongo, Inc. reported in its balance sheet a net loss of $3 million related to its pension plan. The actuary for Mongo at the end of 2009 increased her estimate of future salary levels. Mongo's entry to record the effect of th..
A blueprint on population census in nigeria for year 2016 : a blueprint on Population Census In Nigeria for year 2016?
What is impact of this transaction on net operating income : ABC Company accepted a national credit card for a $3,000 purchase. The cost of the goods sold is $2,400. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income?
Find type two probability when true mean heat evolved : test the hypothesis that the mean μ = 100 against the alternative μ ≠ 100. Find the type II probability when the true mean heat evolved is 103.
Calculate the molecular formula of the hydrate : a hydrate of calcuim chloride contains 49.3% water and has a formula weight of 219g/mol calculate the molecular formula of the hydrate

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Financial statements in accordance with gaap

Texark Inc., a calendar year taxpayer, reported $5,210,300 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information.

  Unit cost of a cup of lemonade

What is the unit cost of a cup of lemonade if he anticipates selling 5000 cups during the courses the summer?

  Comparing after-tax income

Sonja is a United States citizen who has worked in Spain for the past 10 months. She received $5,000 a month as compensation. Her employer has offered to extend Sonja's contract to work in Spain for another 5 months at the same rate of pay.

  Loewen group expansion from funeral homes

Discuss whether Loewen Group expansion from funeral homes to cemeteries affected its horizontal or vertical boundaries or both.

  Journal entries for payroll and payroll tax

Total payroll was $480,000, of which $110,000 is exempt fro mSocial Security tax because it represented amounts paid in excess of $90,000 to certain employees. Prepare the necessary journal entries if the wages and salaries paid and the employer p..

  Profit and loss agreement

Partners A and B have a profit and loss agreement with the following provisions: salaries of $41,600 and $38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10% on average capital balances..

  Basics of perpetual inventory system

You are at a company picnic and the company president starts a conversation with you. The president says, "Since we use the perpetual inventory system, there is no reason to take a physical count of our inventory." What is your response to the pre..

  Unocrrected misstatements

Uncorrected Misstatement and Performance Materiality. Rivers, CPA is auditing the financial statements of Charger Company, a client for the past five years. During past audits of charger, River has only identified some immaterial misstatements (mo..

  How would you respond on behalf of your client

Your client Crimson Corp. (CC) is being audited by the Department of Revenue for the State of New York for the calendar year 2010. CC had been audited by the Internal Revenue Service (IRS) for 2010 and agreed with CC's tax position that the sale o..

  What is the apr and ear of your investment

You bought a stock three months ago for $73.82 per share. The stock paid no dividends. The current share price is $76.09.

  Resources in the center for writing excellence

Other than WritePointSM, what three resources in the Center for Writing Excellence do you find useful? Describe these resources, and explain how you might use them in future courses. Consider looking at the Service, Writing Resources, and Useful L..

  Aicpa code of professional conduct does work

In light of the business scandals of the last few years, does the AICPA's Code of Professional Conduct work? What is the area of greatest concern?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd